What is an Oregon DMEPOS Bond?
According to the most recent statistics from CMS, national healthcare disbursements rose to $3 trillion in 2014 or $9,523/person. Medicare expenditure grew to a monstrous $618.7 billion while Medicaid spending increased by 11% or $495.8 billion. In all these outlays, it is an acknowledged reality that there are countless fraudulent claims on the list.
While the deceitful claims represent only an insignificant proportion, these falsified claims bring with them a dreadfully high price. One way of combating this ominous healthcare fraud is through a DMEPOS-Medicare Bond.
If you are based in Oregon, the Oregon Durable Medical Equipment Supplies (DMEPOS) Bond is a compulsory $50,000 pledge mandated by the Centers of Medicare and Medicaid Services to durable medical equipment suppliers. This bond is to make sure that Oregon-based DMEPOS will comply with the state’s licensing preconditions. Its objective is to scale back, if not completely purge, untrustworthy Medicare-related billings and claims. It correspondingly provides legal protection against negligence, inconsistency, unprofessional conduct, and other types of corruption committed by medical equipment suppliers.
Why do you need an Oregon DMEPOS Bond?
You need the Oregon DMEPOS Medicare Bond because your vocation is important to you. With the bond up your sleeve, it depicts you as a reliable supplier, thus, making you attractive to potential customers.
The Oregon DMEPOS Bond can protect consumers from the following deceitful activities:
- Transport and delivery of medical equipment to patients before their physician gives instructions;
- invoices for duplicate orders;
- Delivering more than the amount requested;
- Demanding payment for costly items than those that are shipped;
- Non-recording of returned items;
- Forging doctors’ signatures;
- Using other people’s insurance identification numbers;
- Billing everyone in a nursing home, making it appear that everyone received the equipment.
Some providers are excused from the DMEPOS Bond requirement. These are the 1) occupational analysts doing private practices; 2)if the items they provide are only directed at their patients; 3)the undertaking only bills for orthotics, prosthetics, and supplies.
What is the cost of an Oregon DMEPOS Bond?
The Oregon DMEPOS Bond annual premium payments are established based on the applicant’s personal credit history and financial standing. Suppliers with excellent credit may be qualified for the customary market rates that range from 1% to 3% of the bond amount. However, if there are disparaging and critical statements written on their credit report, the premium payment amount will usually range from 5% to 12% of the bond amount.
Supplementary coverage is required when an applicant has had legal impediments in the past or has been found guilty of a crime, previous suspension of accreditation, deferred license, or has lost Medicare billing privilege.
How do I get an Oregon DMEPOS Bond?
Obtaining a DMEPOS Medicare Bond is simple. Choose a genuine surety professional and give them a call! A proficient surety professional can readily provide you the answers you need and the solution to whatever concerns you have in the operation of your DMEPOS venture.